Invest in Spain. Foundations for Sustainable Growth. Investment Trends and Records in Spain.

Transcription

1 Invest in Spain Foundations for Sustainable Growth. Investment Trends and Records in Spain. Spain: Global Platform for Business and International Investment August 2018

2 About ICEX-Invest in Spain ICEX Spain Trade & Investment Invest in Spain Ministry of Industry, Trade and Tourism Main Activities Information and Advice: Customized Reports Support and Management for FDI Projects Financing and Investor Relationship Management Business Climate & Development Spain Global Business Platform for International Investment Promotional Activities and Events Our Network Economic and Commercial Offices (Embassy of Spain) 2

3 Spain, Key Figures GDP GDP per capita Population Spain in the World Trade in Goods (Billions $) Trade in Services (Billions $) Tourism FDI Stock. Billions $ Income $ Tourist Nº Inward Outward RK Country Billion $ RK unit $ RK Millions RK Exports RK Imports RK Exports RK Imports RK Billions RK Millions RK Billions RK Billions 1 USA 18, , , , , , , China 11, , , , , , , , Japan 4, , , , Germany 3, , , , , , UK 2, , , , , France 2, , , , India 2, , , , Italy 1, , , Brazil 1, , , Canada 1, , , , Korea 1, , , Russia 1, , , Australia 1, , , Spain 1, , , Mexico 1, , , Indonesia , n.a Turkey , n.a Netherlands , , , Switzerland , , , Saudi Arabia , , Argentina , , Taiwan , , Sweden , n.a Poland , , Belgium , , Thailand , , Nigeria , n.a Austria , , Iran , n.a. 46 4, UAE , , Source: Latest international publications available. Data refers to IMF, WEO Database (April 2017 edition) 2016 Data; WTO 2017, Trade in Goods 2016 Data, Trade in Services 2016 Data; UNWTO Tourism Highlights (2017 Edition) 2016 Data; UNCTAD (WIR 2017) 2016 Data. Trade in Goods: Exports: (6) Hong Kong, (14) Singapore; Imports: (7) Hong Kong, (16) Singapore. Trade in Services: Exports: (9) Singapore, (10) Ireland, (15) Hong Kong; Imports: (6) Ireland, (9) Singapore, (17) Hong Kong. Tourism Income: (9) Hong Kong, (12) Macao, (18) Singapore. Tourist Nº: (11) Malaysia, (12) Hong Kong, (13) Greece. FDI Inward: (2) Hong Kong, (5) Singapore, (7) Ireland, (12) British Virgin Islands. FDI Outward: (2) Hong Kong, (11) British Virgin Islands, (12) Ireland, (13) Singapore. 3

4 Spain: Key Player in the World Economy 1. World s 14 th largest economy and the 5 th largest economy in the EU: GDP worth 1.2 trillion USD th largest exporter of commercial services worldwide and 16 th ranked exporter of merchandise trade in nd country worldwide in international tourist arrivals and in receipts (1 st in Europe). More than 82 million international tourists in th largest economy in terms of accumulated inward FDI stock [556 Billion US$] and 12 th in outward FDI stock in the world in Total population of 46.5 million. 4.4 million are foreign born of the biggest Spanish companies have entries in Forbes Global 2000 largest companies in the world. 4

5 Foundations for Sustainable Growth COMMITMENT CONFIDENCE COMPETITIVENESS EMU Integration Spanish Economic Policy Transformation of Spain s Growth Model Single Monetary Policy Fiscal Coordination Banking Union Reforms for Stabilization Fiscal Consolidation Restructuring Financial Sector Reforms for Competitiveness Labour Market External Sector Contribution Economic Growth & Employment 5

6 Reforms for Competitiveness Public Sector Reform Financial System Reform Labour Market Reform Fiscal Reform Competitive Markets Investments and R&D Incentives External Sector Visa & Work Permits Fiscal consolidation at all levels of Public Administration Restructuring process completed in 2013 Competitive Labour Costs: More Flexibility, Productivity, Employment & Training Favourable tax rate on corporate income (25% ). Fiscal Incentives Single Market Law. Services & Product Markets Liberalization EU Framework: Competitiveness, Employment & R&D activities More openness means a more Competitive & Resilient Economy Fast Track for International Investors on Residence & Working Visa. 6

7 Recent evolution of the Spanish Economy Macroeconomic Stability: Adjustment and Growth: A Balance, dynamic and sustainable growth patter. GDP (real growth rate) - Public Deficit & Current Account Balance (as % of GDP) * Current Account Balance GDP Public Deficit *Forecast Source: Ministry of Economy, Industry and Competitiveness y BdE GDP: Annual rate of change (%) Public Deficit & Current Account Balance: % GDP 7

8 Labour Market Reform: More Flexibility, Productivity, Employment & Training Unit Labour Cost (Index 1999=100) Main Results Real Productivity (Index 1999=100) 85 Germany Euro Area Spain France Italy UK Sources: Eurostat 2018 and Tesoro Público Germany Euro Area Spain France Italy UK 8

9 Employment trends in Spain Spain has generated 25.9% of all the employment created in the Euro Area since 2014 Job creation in the Euro Area in % 30 Employment trends in Spain. Million jobs , ,5 25, ,3 17,1 17,6 18, , ,9 16,55 19,3 15, , ,9 5, ,8 04 4, ,7 3,13 3, Other Euro Area Source: Eurostat 3,4 Germany Spain Itlay Ireland Employment Unemployment (EPA) Unemployment Registered Unemployment rate Sources: Ministry of Employment, Migrations and Social Security and National Statistics Institute, INE. Figures related to last quarter of every year, except 2018 (July & II Quarter of 2018) 9

10 Taxes: Corporate Tax rate below OECD average Moderate taxe burden for Companies The International analysis shows that Spain is a country with relatively moderate ratio between Tax Revenues (Including Social Security Contributions ) and GDP (34.4% GDP). Corporate Income Tax Rate: 25% Lower effective rate based on taxes allowances on incentives reductions fro investments, employment and R*D activities. Countries UE. Tax Revenues (Including Social Security Contributions ) as % of GDP 60,0 50,0 40,0 30,0 20,0 10,0 0,0 Source: Eurostat

11 Export diversification from Spain An open Economy is a more Competitive & Resilient Economy Exports of Goods & Services % GDP 2017: Exports from Spain by Destination (%) ,3 34,1 31,3 30,3 29, EU-28 REST OF EUROPE AMERICA ASIA MIDDLE EAST AFRICA OTHERS 0 Germany Spain Italy UK France Source: Eurostat 2017 Source: Secretariate of State for Trade 2018 Multinationals in Spain account for more than 40% of total exports from Spain to third Markets. Total exports from Spain amounted Billion in

12 Export diversification from Spain Increasing exports with High Value Added and Technological content 2017: Exports of Goods. Sector breakdown in % Automotive Chemicals 9.7 Pharmaceuticals 10.2 Foods, Beverage Industries Industrial Machinery, Electronics, ITC & Business Equipment Consumer Goods Energy & Natural Resources 16.5 Metals & Manufacturing of other Materials 20.3 Others Source: Secretariate of State for Trade 2018 Foreign Companies in Spain account for more than 49% of the total industrial turnover yearly and 33% of the industrial employment. 12

13 International Export Services from Spain International Export Services from Spain -excluding Tourism- to third markets reached more than 61.9 Billion in More than 115 Billion including Tourism. According to WTO Spain ranks 11th Worldwide. International Export Services by Sector (%) International Export Services by Destination (%) 16,9 10,9 2,4 2,7 1,7 39,6 Business Services Transportation Communications & ITC Financial Services Construction Intellectual Property Other Services 14,0 8,1 5,3 6,5 3,7 0,1 49,7 EU REST OF EUROPE USA & CANADA LATINOAMERICA ASIA MIDDLE EAST AFRICA OTHERS 25,7 9,9 Tourism: Spain received 82 million international tourists in Spain is the 2rd country worldwide in number of international tourist arrivals and 2 nd in revenues after USA (1st in Europe). Source: INE, BdE, WTO and ICEX- Secretariat of State for Trade Data refer to

14 Macroeconomic Scenario Period Percentage Change Real GDP * Private Consumption 1.5 3,0 2, General Government Consumption Gross Fixed Capital Formation , Domestic Demand (*) Exports of Goods and Services , Imports of Goods and Services , External Balance (*) , (*) Contribution to GDP Growth. Source: Data 2014, 2015, 2016: Spanish National Accounts INE Data 2017, 2018: Spain Macroeconomic Scenario Ministry of Economy, Industry and Competitiveness. April 2018 Data 2019, 2020: Report on the Spanish Economical Situation. Ministry of Economy, Industry and Competitiveness. July

15 GDP growth and current account balance GDP growth and current and capital account balance 6,00% 4,00% 2,00% 0,00% -2,00% -4,00% -6,00% -8,00% -10,00% Real GDP (% change) Net lending (+) Net borrowing (-) Total Economy Real GDP (% change) Current account balance (%GDP) Source: National Statistics Institute and Ministry of Economy Industry and Competitiveness 2016

16 Foreign Investments: Stock in $ Million Inward FDI stock Outward FDI stock Economy Mill USD Share Economy Mill USD Share 1 United States 7,807,032 25% 1 United States 7,799,045 25% 2 China + Hong Kong 3,459,578 11% 2 China + Hong Kong 3,286,270 11% 3 United Kingdom 1,563,867 5% 3 Germany 1,607,380 5% 4 Singapore 1,284,929 4% 4 Netherlands 1,604,884 5% 5 Canada 1,084,409 3% 5 United Kingdom 1,531,683 5% 6 Switzerland 1,059,777 3% 6 Japan 1,519,983 5% 7 Netherlands 974,706 3% 7 Canada 1,487,130 5% 8 Germany 931,285 3% 8 France 1,451,663 5% 9 Ireland 880,157 3% 9 Switzerland 1,271,762 4% 10 France 874,521 3% 10 Ireland 899,479 3% 11 Brazil 778,287 2% 11 Singapore 841,402 3% 12 Australia 662,296 2% 12 Belgium 690,820 2% 13 Spain 644,415 2% 13 Spain 597,250 2% 14 Belgium 566,913 2% 14 Italy 532,910 2% 15 Mexico 489,130 2% 15 Australia 460,641 1% 16 Russian Federation 446,595 1% 16 Sweden 401,013 1% 17 Italy 413,246 1% 17 Russian Federation 382,278 1% 18 India 377,683 1% 18 Brazil 358,915 1% 19 Sweden 334,974 1% 19 Korea 355,758 1% 20 Chile 275,291 1% 20 South Africa 270,287 1% World 31,524,356 World 30,837,927 Source: UNCTAD, WIR Source: UNCTAD, WIR

17 Foreign Direct Investment & Capital Investment Greenfield Inward Investment trends in Spain in FDI Greenfields in Spain: 3 years trends 628 Top 10 Greenfield Destinations in Europe 2017 Greenfield Investment $ Million Source: FDI Markets, Projects Nº Capex (US$ Billion) Job Created (Thousand) Capex Projects Jobs Created Companies 1 UK 36, ,101 78, Spain 16, , France 15, , Germany 15, , Netherlands 12, , Ireland 8, , Italy 6, , Switzerland 2, , Belgium 2, , Finland 2, , Rest 14, , Total 133, , ,687 3,170 Source: FDI Markets, USD million. Spain is the 2 nd Greenfield Investment location in Europe according to FDi Markets Finacial Times 17

18 Foreign Direct Investment Records in Spain FDI Flows increase in Spain Millions and %. Registered Investment only. It does not include certain M&A transactions, Private Equity, Venture Capital and Investment Funds operations Inward Foreign Direct Investment into Spain reached 36 Billion in 2017 The highest level in the last 10 years % % % 21.6% % 3.3% % -7.2% Total Invesment Productive Investment Source: Foreign Direct Investments Registry. Ministry of Economy Industry and Competitiveness Million Euros. Total Investment includes: Productive Investments -new greenfield & brownfield & Reinvestment - and Investment in Holding Companies (ETVEs). Data for 2017 preliminary figures and pending revision. Data for 2016 prior to revision was: Total IDE : 34,493 M a 4.7% increase in Productive IDE in 2016 was M a -1 0% decrease in 2017 maintaining the positive trend. 18

19 Foreign Direct Investment & Capital Investment Top 10 Greenfield Destinations in Europe FDI Markets Greenfield Investment $ Million Capex Projects Jobs Created Companies 1 UK 263, , ,842 4,888 2 Germany 81, , ,806 4,719 3 Spain 70, , ,096 1,675 4 France 70, , ,743 2,531 5 Netherlands 49, ,297 78,193 1,147 6 Ireland 36, ,213 89, Italy 30, , Belgium 21, , Finland 15, , Switzerland 15, , Rest 63, , ,059 1,976 Total 719, ,337 1,595,010 15,489 Source: FDI Markets, USD million. 19

20 Selected Figures on FDI in Spain by origin Selected Figures on Foreign Direct Investment in Spain by Sources Investment Register Stock* Ministry of Economy and Competitiveness FDI Markets: Greenfields RK Country Total Investment Nº Companies Employment RK Greenfield Capex Million (*) Projects Million $ Jobs Created Companies 1 USA 67, , , ,076 34, , UK 50, , , , , France 46, , , ,064 37, , Italy 37, , , , Germany 31, , , , , Mexico 31, , , Luxembourg 27, ,447 58, , , Netherlands 17, , , , , Switzerland 11, , , , China + HK 11, , , , Brazil 7, , , Japan 5, , , , Canada 5, , , UAE 4, , , , Portugal 3, , , , Austria 2, , , , Belgium 2, , , , Ireland 2, , , , Singapore 1, , , Australia + NZ 1, , , , Israel , , , South Korea , , Russia , , Poland , South Africa , , India , , A LATAM 18, ,329 A 79 1, , B Nordic Countries 7, ,040 B 335 9, , C GCC 2, ,792 C , Others 22, , , , TOTAL 423, ,285 1,359,801-6, , ,167 3,340 Source: Foreign Direct Investments Registry. Ministry of Economy and Competitiveness FDI Markets (*) Stock 2016 data. (*) Number of level 1 companies plus other Spanish subsidiaries and Spanish companies under their control (level 2 & 3). (A) LATAM: Excluding those Latin American countries listed before: Mexico, Brazil. (B) GCC countries. (C) Nordic countries. 20

21 Recent Investment Trends flows in Spain Recent Investment Trends in Spain by Country Million USD. Foreign Investments Registry Country Investment flows in Spain: Investment Stock Stock 1 USA 14, , , , , , Luxemburg 14, , , , , , Netherlands 13, , , , , , UK 12, , , , , , Germany 11, , , , France 8, , , , , , China + HK 6, , , , , Mexico 4, , , , , Switzerland 2, , , Canada 2, , Japan 1, , Ireland 1, , Portugal 1, , Brazil , Belgium , Singapore , Italy , Israel Australia+NZ , Austria , Russia Korea Poland Taiwan India A LATAM 5, , , ,256.5 B GCC 2, , ,660.0 C Nordic Countries ,835.9 Others 11, , , , , ,386.6 TOTAL 120, , , , , ,682.5 Total Productive Investment 95, , , , , ,411.8 Source: Foreign Investments Registry. Ministry of Economy and Competitiveness Million Euro. (*) Stock 2016 data. (A) LATAM: Excluding those Latin American countries listed before: Mexico and Brazil. (B) GCC countries: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates. (C) Nordic countries: Denmark, Norway, Sweden, Finland and Iceland. 21

22 Recent trends: Greenfield Projects in Spain by Country Recent Trends Greenfield Projects in Spain by Country: Trends Million USD. FDI Markets RK Country Greenfield Investment Greenfield Investment RK Country Capex Projects Jobs Companies Capex Projects Jobs Companies 1 Germany 10, , Israel France 8, , Belgium USA 8, , Ireland , UK 4, , Australia + NZ , Luxembourg 2, , UAE Italy 1, , India Japan 1, , Qatar Switzerland 1, , Austria China + HK 1, , Mexico Portugal 1, , Canada Netherlands 1, , South Korea Singapore 1, ,025 2 A Nordic Countries , Sweden , B LATAM , Denmark , C Middle East Russia Other 1, , TOTAL 49,996 2, ,613 1,235 Source: FDI Markets, USD Million. (A) Nordic countries: Norway and Finland excluding those listed before. (B) LATAM: Excluding those Latin American countries listed before. ( C) Middle East: excluding those listed before and Sovereign Wealth Funds investments. 22

23 FDI Inwards in Spain by Sector Foreign Direct Investments in Spain by Sector. Million EURO. Stock and Recent Trends Sectors Total FDI Investment Flows Stock * Energy 56, , , , , , Metals and Manufacturing of other Materials 55, , , , Retail and Wholesale 47, , , , , , Real Estate, Building and Infrastructures 41, , , , , , Financial Services 41, , , , , , Food and Beverages 31, , , , , , ITC: Communications, Software & IT Services 29, , , Chemicals and Petrochemicals 20, , Business Services 18, , , Pharmaceuticals, Medical, Healthcare & Biotechnology 17, , , Automotive OEM & Automotive Components 16, , , Transport and Logistics 14, , , , , Industrial Machinery and Equipment 7, , Tourism 6, , , Mining and Natural Resources 5, , , , Environmental industries 4, , Paper, Wood and Others 4, Leisure and Entertainment 3, , , Consumer Goods Other Total Investment 423, , , , , ,846.2 Total Productive Investment 379, , , , , ,631.3 Source: Foreign Investments Registry. Ministry of Economy and Competitiveness Million Euro. (*) Stock 2016 data. 23

24 Greenfield Projects in Spain by Sectors Greenfield Projects in Spain by Sectors Million $ USA Sector Capex Projects Jobs Companies 1 Automotive OEM & Automotive Components 35, , Consumer Products, Food, Textiles & Beverages 33, , , Energy, Environment & Renewable Energy 24, , Real Estate, Building & Construction Materials 20, , ITC: Communications, Software & IT Services 16, , Transportation & Non-Automotive Transport OEM 14, , Business & Financial Services 14, , Chemicals, Plastics & Rubber 10, , Logistics & Warehousing 8, , Consumer Electronics, Business Machines & Equipment, Components & Semiconductors 5, , Hotels & Tourism 5, , Pharmaceuticals, Medical, Healthcare & Biotechnology 4, , Metals 3, , Leisure & Entertainment 1, , Industrial Machinery, Equipment, Engines & Turbines 1, , Aerospace, Space & Defence 1, , Others 2, , TOTAL 204,605 6, ,167 3,479 Source: FDI Markets, USD million. 24

25 Greenfield Projects in Spain by Sectors Recent trends Greenfield Projects in Spain by Sector: Million USD. FDI Markets Sector Greenfield Investment Capex Greenfield Investment Capex Projects Jobs Companies Consumer Products, Food, Textiles & Beverages 11, , , , , , Automotive OEM & Automotive Components 10, , , Real Estate, Building & Construction Materials 5, , , , , , Transportation & Non-Automotive Transport OEM 3, , Business & Financial Services 3, , ITC: Communications, Software & IT Services 3, , , , Hotels & Tourism 2, , , Chemicals, Plastics & Rubber 2, , Energy, Environment & Renewable Energy 1, , n.a Pharmaceuticals, Medical, Healthcare & Biotechnology 1, , , Logistics & Warehousing 1, , Consumer Electronics, Business Machines & Equipment, Components & Semiconductors , , , , Metals , Leisure & Entertainment , Industrial Machinery, Equipment, Engines & Turbines , , Aerospace, Space & Defence Others , TOTAL 49,996 2, ,613 1,235 9,427 12,593 10,960 17,014 Source: FDI Markets, USD millions. 25

26 Foreign Companies in Spain Over 12,500 foreign companies in Spain across all economic sectors. 70 of the FORBES Top 100 companies have branches and 90 out of 100 top R&D Companies has a subsidiary according to Thomson Reuters 26

27 Global Market Spain Domestic Market European Union Single Market Platform to Latin America MENA: North Africa & Midle East Canary Islands Hub to Africa 27

28 Airports: Business Infrastructure & Tourist Main Entrance 250 Mill. passengers. (2017) Railway: High Speed Networks Highways: Logistics Hubs and Road Infrastructures Infrastructure,Transport & ICT European hub to Latinamerica. Aena manages 46 airports and 2 heliports in Spain and manages airports in Mexico, Colombia and Jamaica. Leading designer and developer of high-speed trains. 3 rd largest worldwide (1 st in Europe) in High-Speed Network. Largest EU highway network: 14,701 km. One of the best indexes of quality of roads in the world. Source: Marca España. AENA. ICT and Telecommunication Networks Ports: World Logistics Platforms Urban Transport: Smart Cities 1 st in Europe in network fiber optic cable. The best bandwidth penetration (fixed and mobile) in the EU. Mobile World Congress - Barcelona Algeciras, Barcelona & Valencia, among the top 10 European container ports. 29 Container Terminals. 46 Ports Mill. passengers. (2016) Highly developed transport infrastructure: high-capacity metropolitan road network and a efficient public transport system based on Metro, and local railways, and a network of bus routes. 28

29 Incentives European Union Incentives Scheme for Large Companies in Spain ( ) Grants from Ministry of Finance and Public Administration 29

30 Incentives & Tax Relief for R&D Most favorable fiscal incentives for R&D among OECD countries Favorable fiscal system for foreign investors and R+D activities Patent Box: Tax benefits for R&D activities. R & D Incentives: Financing, soft Loans & Grants for R&D projects R&D Incentives: Tax relief Large, profitable firm SME, profitable firm 0,5 0,4 0,3 0,2 0,1 0,0-0,1 Note: The generosity of R&D tax incentives Indicator. ax subsidies are calculated as 1 minus the B index. For example, in Spain, 1 unit of R&D expenditure by large firms results in unit of tax relief. Source: Science, Technology and Industry, Outlook. OCDE. 30

31 Technology Parks Excellent infrastructure for Technology Business Development More than 80 Technology Parks in Spain Asturias 2 2 Cantabria Guipúzcoa Bizcaya Pontevedra 1 Orense Salamanca León, Burgos y Valladolid Valladolid Álava 1 La Rioja 1 1 Huesca 1 Zaragoza Lérida 1 1 Gerona 7 6 Barcelona 1 Madrid Guadalajara Teruel Castellón Badajoz 1 Illescas 1 Albacete Valencia Alicante Palma de Mallorca 1 1 Huelva Córdoba Jaén 1 Sevilla Cádiz 1 2 Granada Almería Málaga Murcia 2 Parks at full performance Parks in development Source: APTE Tenerife Fuerteventura 1 Gran Canaria Technology Parks in the Association of Science and Technology Parks of Spain (APTE), hosting over 6,452 companies. 31

32 Human Capital: Highly skilled labor force Human Capital: productivity and skilled labour force Spain occupies a great position in Europe in number of persons with tertiary education, in comparison with the biggest European economies 60,00 Population with tertiary education, % years old 50,00 40,00 30,00 20,00 10,00 0,00 United Kingdom France Spain Germany Italy Source: OECD. August Note: Data

33 Human Capital: Universities in Spain In Spain there are 82 Universities, including public and private ones. There are more than 500 degree programs and more than 400 Master programs held in English in Spanish universities. Spain is the first country in Europe receiving foreign students under ERASMUS + program, with 40,000 students. Total Engineering & Electronic Studies (1) Students who finished their studies Academic year Number of Bachelor's & Masters students Business Agro & Science Studies Administration Health Sciences Veterinary (2) & Legal Science (4) Studies (5) (3) Other Services Studies (6) Arts & Humanities (7) Education (8) Total Spain 297,981 47,122 16,734 88,584 42,895 4,266 13,469 24,975 59,936 Andalucía 42,857 6,368 2,696 11,401 6, ,732 4,251 9,230 Aragón 6,388 1, ,482 1, ,134 Asturias (Principado de) 3, Balears (Illes) 2, Canarias 7,453 1, ,622 1, ,489 Cantabria 2, Castilla - La Mancha 4, , ,077 Castilla y León 18,566 2, ,282 2, ,489 3,734 Cataluña 44,461 7,521 3,798 14,053 6, ,443 4,482 5,055 C. Valenciana 31,010 5,787 1,670 7,724 5, ,295 2,761 5,858 Extremadura 4, ,200 Galicia 11,661 2, ,026 1, ,081 Madrid (Region) 62,917 11,707 3,523 19,977 7, ,626 4,711 10,939 Murcia (Region) 9, ,097 2, ,416 Navarra 4, , País Vasco 11,333 2, ,297 1, ,026 2,013 Rioja (La) Other Universities* Non presential Universities** 28,544 1, ,153 1, ,056 1,866 11,278 Source: Spanish Ministry of Education, Culture and Sports *Internacional de Andalucia, Internacional Menéndez Pelayo. **UNED,Internacional de La Rioja, Internacional Isabel I de Castilla, Internacional de Valencia, Oberta de Cataluña. (1) Includes, among others, Engineering, Electronic, Aerospace, Automotive, Architecture studies. (2) Includes, among others, Biology, Physics, Chemistry, Mathematics, Statistics, Computing studies. (3) Includes, among others, Economic, Business Administration, Finance, Law, Marketing studies. (4) Includes, among others, Medicine, Nursing, Pharmacology studies. (5) Includes, among others, forestry, fisheries and veterinary studies. (6) Includes, among others, Tourism, Leisure studies. (7) Includes, among others, Art, Design and Foreign languages studies. (8) Includes, among others, Science education, teacher education at different levels. 33

34 Human Capital: Productivity and Skilled Labour force 50 Cost per hour Private Sector, 4Q 2016 /hour ,2 40, ,3 33,7 33,4 33,4 32, ,1 25,7 21,1 Labour costs in Spain are much more competitive than in other main European economies. According to Eurostat [and German statistics] Spain labor cost are between 20 and 40 per cent lower, more competitive, than those existing in France, Netherlands, Germany, Ireland or UK , ,9 13,1 12,5 11, ,7 10,4 8,7 8,4 8,4 08 7, ,4 00 Source: Destatis 2017 (Federal Statistical Office Germany) 34

35 Spain Business Schools 2018 Ranking Global MBA ranking 2018 European Business School School name Country 1 Insead France/Singapore 2 London Business School UK 3 Iese Business School Spain 4 University of Cambridge: Judge UK 5 Esade Business School Spain 6 HEC Paris France 7 IMD Switzerland 8 University of Oxford: Saïd UK 9 SDA Bocconi Italy 10 Alliance Manchester Business School UK [4] IE Business School Spain Global MBA ranking School name Country 1 Stanford Graduate School of Business US 2 Insead France 3 University of Pennsylvania: Wharton US 4 London Business School UK 5 Harvard Business School US 6 University of Chicago: Booth US 7 Columbia Business School US 8 Ceibs China 9 MIT: Sloan US 10 University of California at Berkeley: Haas US 11 Iese Business School Spain 12 Northwestern University: Kellogg US 13 University of Cambridge: Judge UK 14 HKUST Business School China 15 Yale School of Management US 16 Dartmouth College: Tuck US 17 Cornell University: Johnson US 18 National University of Singapore Business School Singapore 19 Duke University: Fuqua US 20 Esade Business School Spain [4] IE Business School Spain Source: Financial Times For IE 2017 ranking Source: Financial Times For IE 2017 ranking 35

36 Investors Residence & Working Visa Fast track framework for Investors and qualified professionals: Residence and Working visa VISA AND AUTHORIZATION CONCESSIONS FOR Investors Entrepreneurs Highly qualified professionals Scientists and researchers Intra-corporate transferred employees Real Estate 0.5 Mill Spanish Companies 1 Mill Bank Deposit 1 Mill Public Debt 2 Mill GENERAL REQUIREMENTS Not being in an illegal situation in Spain Being 18 years old or older Not having criminal records Public or private health insurance in Spain Enough economic resources. THE PROCEDURES 10 days for visas and 20 days for authorizations A single authorization for living and working in Spain Valid for the whole of Spain The family will be able to apply at the same time Freedom to live in Spain: Granted residence and work permits authorization Source: 36

37 Investment and Business Opportunities ICT & Digital Automotive Industry 4.0 Aerospace Healthcare Biotec & Pharma Agrofood Environment Chemicals & Natural Resources Logistic & Transport Finance & Business Real Estate & Tourism Near Shore 37

38 Quality of Life in Spain Open and friendly society to foreign investors and tourists 40.3% of our tourists have visited Spain ten or more times in their lifetime. 82% are repeat visitors. Spain is the second safest Country in the EU only after Austria according to Eurostat and Audit Commission. Outstanding and modern Health System with very high standards. Open to expatriates. Spain ranks 10 th World Country in Health infrastructure and 4th with longer Healthy Life Expectancy (WCY2016). 2 nd country in the world in terms of UNESCO World Heritage Sites (42 sites). Historical cities, Monuments and leading Museums. 2 nd country in Europe in Natural Areas and Natural spaces declared UNESCO Biosphere Reserves (42, only behind USA with 47). 2 nd country, behind USA, in receiving foreign golf tourists, with 431 courses. More than 120 Spa Resorts. More than 300 days of sunshine a year and more than 2,000 km of Green Tracks; various Skiing facilities; rural activities. More than 648 Spain Blue Flags Eco-Label Record: Beaches Spain (551), Greece (393), Turkey (383), France (365) and Portugal (280) First class Gastronomy recognized all around the world.

39 More Information about Spain.. Spain: your partner in Europe Investor Services Catalogue The Spanish Economy ICEX Invest in Spain Castellana 278 Madrid, (SPAIN) T (+34) investinspain@icex.es : 39